Resona Asset Management Co. Ltd. Purchases New Holdings in Expand Energy Corporation $EXE

Key Points

• Resona Asset Management Co. Ltd. has acquired a new stake in Expand Energy Corporation, investing approximately $7.20 million for 64,675 shares in the first quarter.
• Expand Energy's latest quarterly earnings revealed an earnings per share (EPS) of $1.10, which fell short of analysts’ expectations of $1.14, even as revenue surpassed estimates at $3.69 billion.
• The firm announced a quarterly dividend of $0.575 per share, expected to be paid on September 4th, with a yield of 2.4% based on current payout ratios.

Resona Asset Management Co. Ltd. acquired a new position in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 64,675 shares of the company's stock, valued at approximately $7,196,000.

A number of other institutional investors have also recently added to or reduced their stakes in EXE. Vanguard Group Inc. purchased a new position in shares of Expand Energy during the 1st quarter worth approximately $2,973,033,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Expand Energy during the first quarter worth $518,328,000. Invesco Ltd. acquired a new position in Expand Energy in the first quarter valued at $433,431,000. AGF Management Ltd. acquired a new position in shares of Expand Energy in the 1st quarter valued at $404,511,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Expand Energy during the 1st quarter valued at $326,670,000. Hedge funds and other institutional investors own 97.93% of the company's stock.

Insider Activity at Expand Energy

In other news, CEO Domenic J. Dell'osso, Jr. bought 2,500 shares of the company's stock in a transaction dated Friday, August 15th. The stock was bought at an average price of $95.86 per share, with a total value of $239,650.00. Following the completion of the acquisition, the chief executive officer owned 166,715 shares of the company's stock, valued at $15,981,299.90. This represents a 1.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Joshua J. Viets acquired 2,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was bought at an average cost of $92.16 per share, with a total value of $184,320.00. Following the completion of the acquisition, the chief operating officer directly owned 61,676 shares in the company, valued at approximately $5,684,060.16. This represents a 3.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

EXE has been the subject of a number of research reports. Roth Capital cut shares of Expand Energy from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $125.00 to $98.00 in a research report on Monday. Jefferies Financial Group set a $135.00 target price on Expand Energy and gave the company a "buy" rating in a research note on Saturday, June 14th. Tudor Pickering & Holt dropped their target price on shares of Expand Energy from $119.00 to $118.00 in a report on Tuesday, July 1st. Scotiabank reiterated an "outperform" rating on shares of Expand Energy in a research note on Wednesday, August 13th. Finally, Wolfe Research decreased their target price on Expand Energy from $150.00 to $148.00 in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Expand Energy presently has an average rating of "Buy" and a consensus price target of $127.92.

Expand Energy Stock Down 0.8%

EXE stock traded down $0.7250 during trading hours on Tuesday, reaching $92.3050. 981,951 shares of the stock were exchanged, compared to its average volume of 3,765,402. The company has a market cap of $21.98 billion, a price-to-earnings ratio of 236.32 and a beta of 0.46. The firm's 50-day moving average is $107.34 and its 200-day moving average is $107.21. Expand Energy Corporation has a 12 month low of $69.12 and a 12 month high of $123.35. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.78 and a quick ratio of 0.78.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.14 by ($0.04). Expand Energy had a net margin of 2.41% and a return on equity of 5.76%. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.09 billion. On average, equities research analysts expect that Expand Energy Corporation will post 1.33 earnings per share for the current year.

Expand Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be issued a dividend of $0.575 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.30 annualized dividend and a dividend yield of 2.5%. Expand Energy's payout ratio is presently 589.74%.

Expand Energy Company Profile

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.